Oil Bulls Take Control as Iran Deal Collapses and Hormuz Stays Restricted
October WTI crude oil futures are trading at $86.31 late Thursday, up $4.82 or 5.91% for the week. The contract opened at $81.62, traded as low as $80.80, and reached $87.69. Friday’s session is still ahead, so the weekly result is not final. The market has already made its decision about the week.
Source: OilPrice.com
―
DW NOTE
The Hormuz blockade is now in its fifth month — one ship crossed on August 16, versus 73 on a normal day. Global supply is down 4.3 million barrels per day, ceasefire deals announced in April remain unimplemented, and WTI is still 23% below its one-year high. The bulls aren't "taking control" — they're watching a fifth of global supply stay offline while prices drift sideways.